Tweet by michaelxpettis
April 24, 2025
8/8 stave off overcapacity is temporarily, with rising debt. Once debt is no longer able to rise, as we saw in the late 1920s/1930s (and as Marriner Eccles explained), overcapacity must be curbed, which, usually means a drop in production and a contraction in global trade.
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- michaelxpettis
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- April 24, 2025
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